Corporate Information

Vision

MTDC strongly believes in the social responsibility that the company undertakes for the development of the country and the community as a whole. This fact that the government leased 9 islands to MTDC at a rate substantially below the market rate reaffirms our social responsibility. The strategic management of the company has outlined several policies designed to ensure that these objectives are met successfully. The subsections below provides a brief outlook of such action taken.

Affordable Share Valuation

MTDC is committed to the development of the industry. The underlying purpose is to give every Maldivian the chance to invest in something rewarding. MTDC envisions each and every Maldivian citizen becoming a company shareholder.

In order to make this bold statement a reality, shares were issued at MRF 100.00 or USD 7.78. A limitation of 1,000 shares per person was enforced on every individual and entity. A second share issuance followed owing to a high demand, under the same rules as the IPO.

The MTDC board took further measures to ensure proper distribution of shares. With the exception of the government, any single person or entity was limited to owning no more than 0.1% of the shares. This regulation was made to ensure equal ownership opportunities to Maldivians of varying economic status.

We believe that opportunities must be open indiscriminately to all Maldivians in order to effectively share ownership of the company. It is our most ideal vision to have shareholders from all echelons of the company, from management to field operations staff.

Economic Opportunities

It is MTDC’s intention to bring the benefits of tourism to all corners of the Maldives. Resort operations in areas currently underutilised by the industry would provide a number of direct and indirect benefits to local communities. In addition to creating employment opportunities in the areas untouched by tourism, MTDC intends to outsource aspects of operations to these local communities based on feasibility and strategic considerations. As economic activity increases in these communities, the average household will increasingly benefit from such a move. Transport services are one such operation currently being outsourced.

Business and sole proprietorship setups currently located in these local communities will be given preference to produce and source supplies to resort operations. These include agricultural goods, fish and fish products, souvenirs and other merchandise intended for tourists. We believe that such a setup would foster local micro economies and allow people to gain a considerable income through trade and craft while being able to remain close to their families.

The scarcity of employment in the neglected regions of the Maldives is one of MTDC’s primary concerns. The value of home life must never be underestimated. MTDC is aware of the damage to the social fabric that results from the lack of opportunities close to one’s home. As such we plan our business activities and operations in such a way as to create healthy, happy and economically stable families within the Maldivian community.

One example of our commitment to these values is Herathera Island Resort, which was built purely with Maldivian labour. MTDC is proud to be able to have accomplished such an immense task in record time while the Maldivian families in the region benefit directly.

Our Core Strengths

Management Team

MTDC acknowledges that good leadership is key to success in a highly competitive industry. This is why we have the most seasoned professionals leading our projects.

By the People for the People

From our very inception the company carries the responsibility to develop and sustain the economy of the Maldives as whole while making a significant positive impact on the daily lives of Maldivians. As a public enterprise, MTDC’s core purpose is to give back to our investors. Even though we are a profit oriented company, we hold true to the commitment we have given to our shareholders as well as to the people of the Maldives. As we strive to be the best among our competitors, we bear the interests of our stockholders in mind.

Conclusion

It is MTDC’s fervent belief that the Maldives will become a self-sustainable country that invests in sustainable development to benefit the entire nation. We believe our vision and our policies have the strength to steer the tourism industry into creating avenues for better distribution of wealth.

It is our desire to obtain the meaningful participation of more Maldivians in the company’s activities. We are determined to create models which prove what we already know: Maldivians are determined to work with their own hands to make life better.